Journal of Monetary Economics volume 59, issue 1, P57-63 2012 DOI: 10.1016/j.jmoneco.2011.10.002 View full text
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Thijs van Rens

Abstract: AbstractUsing new quarterly data for hours worked in OECD countries, Ohanian and Ra¤o (2011) argue that in many OECD countries, particularly in Europe, hours per worker are quantitatively important as an intensive margin of labor adjustment, possibly because labor market frictions are higher than in the US. I argue that this conclusion is not supported by the data. Using the same data on hours worked, I …nd evidence that labor market frictions are higher in Europe than in the US, like Ohanian and Ra¤o, but al…

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